Ian Fleming`s Jamaica reinventing its property market

Bond News - 17-05-08

The island that inspired 007 author Ian Fleming is looking to encourage more foreign investors onto its shores. According to the Daily Mail, as the centenary of Fleming's birth draws closer, Jamaica's property market appears to be recovering following a problematic past - reports Holiday Lettings.

Reportedly described by Fleming as "a refreshment for all the senses," the paper opines that the author's Jamaican holiday home, Goldeneye, was key in the creation of James Bond . However, as the paper explains, after a period in which it became a glamorous refuge for the likes of Noel Coward and the Kennedys, the island fell out of favour with investors due to economic and political problems. Nevertheless, new Prime Minister Bruce Golding is keen to re-establish Jamaica's reputation and is encouraging high-end developments.

The government's drive to kick-start investment has been met with enthusiasm by Chris Blackwell, the resort owner responsible for transforming Fleming's former home into a Bond-themed retreat: "I think we're going to see a big upturn in Jamaica. I'm positive about the new government's approach because the best way to address the poverty and the bad reputation of Jamaica is to create business and opportunities." Furthermore, the paper states, Blackwell is expanding the Goldeneye resort, selling 85 properties on a 100-acre site.

According to the paper, prices in Jamaica are 50 per cent lower than those of comparable properties in Barbados, something which is all set to change, says Richard Whitfield of luxury resort Half Moon in the Rose Hall area of Montego Bay. Whitfield is now reportedly selling villas for private ownership in The Colony development, all of which will boast sea views and will be built in traditional Caribbean pavilion style. These high-end properties are on the market for over £1 million each, the paper states.

Other investment opportunities are available in The Palmrya resort. Resort president Dennis Constanzo described what is happening on the island: "We're at the beginning of a ten to 15-year upsurge in property here; it's like being in Miami 15 years ago." Constanzo also assured that the downturn in the US economy was not having much impact on American buyers. The paper claims that alongside Prime Minister Golding, Constanzo is also about to announce a £900 million mixed-use project, which "will reposition Jamaica as a five-star island" according to the developer.

Work is also being done on the island's transport infrastructure, particularly in the area east of Montego Bay, known as the Gold Coast. To this end, a new highway is being constructed and Montego Bay's Sangster Airport has also been revamped, now welcoming 30 international flights per week, including two Virgin direct services from Gatwick.

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